NORWEST OFFICE VACANCY REPORT - NOVEMBER 2025

Norwest Business Park – Vacancy & Market Update

Vacancy across Norwest Business Park has edged upward this quarter, rising from 8.11% in August to 9.46%. While this movement reflects a slight softening in availability, demand fundamentals across the precinct remain solid and continue to outperform many competing Sydney markets.

At Norwest Commercial Real Estate, we track the market by its two distinct ownership profiles:

Strata Office Market

Strata offices: generally suites up to 300sqm, typically owned by private or smaller investors, have seen vacancy shift from 5.09% to 6.39% this quarter.
This uplift is largely attributed to natural turnover as new stock becomes available, rather than a reduction in demand. Well-presented and competitively priced suites continue to draw steady enquiry, particularly from local businesses seeking high-amenity workplaces.

Freehold Building Market

The freehold sector: comprising buildings held in single ownership with tenancies commonly above 300sqm—remains comparatively stable.
Vacancy has held firm at 13.90%, close to the 12.36% previously recorded. Transaction volumes in this category have been limited, which is typical in quieter leasing cycles, but enquiry from mid-size occupiers has shown improvement in recent months.

Leasing Market Sentiment

Despite the incremental increase in vacancy, the Norwest leasing market remains one of the more resilient and active precincts in Sydney.
We continue to see strong engagement from tenants who value the precinct’s transport links, amenity growth, and cost-effective rents relative to other metropolitan office hubs.

Quality, modernised spaces with good natural light and functional layouts are leasing well, and landlords who align pricing with current market expectations are achieving consistent absorption.

Planning Your 2026 Strategy

As we head toward 2026, this is an ideal time for property owners to review their portfolio and consider how evolving market conditions may influence upcoming decisions, whether that’s securing a new tenant, repositioning an asset, or weighing up refinancing or divestment opportunities.

If you’d like an updated assessment of your property, guidance on your portfolio strategy, or to discuss how vacancy trends may impact your investment plans for 2026, the team at Norwest Commercial Real Estate is here to help.
We are always available for a confidential conversation.